March 15, 2001 - The waiting (for some) is over (for
others it is just beginning)--March Madness is now upon us.
Nearly 61% of this week's respondents are participating in a
pool, compared with 39% that are abstaining (roughly the
reverse of last year's survey results, interestingly enough).
The vast majority picked Duke to win it all, with Maryland
and Stanford distant seconds. Also cited were Kentucky, Iowa,
Michigan State and North Carolina.
From an economic standpoint, the average entry fee was
$11.68, but the most popular answer was $5. Payoffs were
all over the board ? and generally dependent on the final
number of contestants (many open until tip-off today).
However, the average was nearly $500! One reader noted that
“gambling is illegal, just the awe of my fellow workers is
enough.” But perhaps the best response was the reader who
said, “it doesn’t even matter.”
Thanks to everyone that participated in our survey!
April 27, 2000 (PLANSPONSOR.com) - Chase Manhattan
has outsourced its recordkeeping operation to Fidelity, while
broadening its Chase Retirement Solutions 401(k) offerings to
include Fidelity's Advisor Funds.
The change will involve a conversion to Fidelity’s
recordkeeping system, and possible changes to payroll data
formats and fees for approximately 600 plans and 112,000
participants. Converting clients will also have to sign a
new trust agreement with Fidelity Management Trust Company,
potentially a more contentious issue. “It?s a bundled
service at Fidelity,” explains Jim Buccella, Managing
Director of Retirement Services for Chase Global Asset
Management. “There?s no good way to opt out of it, but we
don?t anticipate any problems.” He also noted they were
working to minimize payroll platform change issues. “We?re
going from customer to customer,? he said.
Fidelity expects a short transition. “We are already
bringing plans into our recordkeeping services,” stated
Jude C. Metcalfe, Senior Vice President of Fidelity
Investments Institutional Services Company. “Before the end
of 2000, all new and existing Chase customers should be
brought on board.”
Chase customers will see a new administrative fee
schedule. “Fee changes are possible; but it depends on the
customer since fees are tailored to services,” said
Buccella. “We are allying with Fidelity to remain
competitive. This is not a negotiating process per se.”
“Our fees are as good if not better than the competition,”
said Fidelity?s Metcalfe.
Ongoing negotiations beginning in late 1999 expanded an
existing relationship between Chase and Fidelity into an
open-ended alliance, with services targeted at 401(k) plans
with between $1 million and $99 million in plan assets.
Chase previously handled its administrative services
in-house. The change potentially impacts the job
responsibilities of 100 Chase employees.
Fidelity would not disclose expected revenues from
undertaking these services.
Chase customers already were informed about the
impending changeover, and were encouraged to direct
questions to their existing client manager. Additional
contacts are in place both at Chase and Fidelity, with
client managers acting as primary advocate on complex
matters.
More Choices
The Chase Retirement Solutions 401(k) program currently
offers:
Investment management and plan reviews
Access to its Chase Vista Funds (SM) and selected
other funds from Dreyfus, Federated, and Janus Aspen
Participant education through Chase Retirement
Consultants
As a result of the new alliance, plan sponsors can now
gain access to the Fidelity Advisor Funds.
Chase Global Mutual Asset Management and Mutual Funds
manages more than $230 billion for institutions,
governments, individual investors and wealthy families
worldwide. Fidelity currently provides recordkeeping
services for nearly 7,500 401(k) plans and more than 6.3
million plan participants.